Source : THE AGE NEWS
Australian activewear brand Stax, which was known for its black tights and fleeces, has collapsed and appointed consultants to explore whether the business can be saved or sold to new owners.
FTI Consulting receiver Joseph Hansell said the Perth-founded brand, which has been worn by the likes of pop stars Jennifer Lopez and Lizzo, and actress Megan Fox, said the company had strong customer support.
“Stax has done something genuinely impressive, proving that premium activewear does not have to choose between performance and style,” said Hansell said in a statement.
The business will continue trading for now while the receivers assess the company.
Stax was founded in 2015 by South African designer Don Robertson, who started the business out of his mother’s house. It has been valued at up to $52 million and was turning over $30 million in 2022, the Australian Financial Review reported.
Robertson, who runs the business with wife Matilda, has grown the business by selling limited-edition collections with influencers and celebrities including OnlyFans creator Anna Paul and fitness app Kic founders Steph Claire Smith and Laura Henshaw.
Celebrities such as Rita Ora, Hailey Bieber and Addison Rae have also been seen wearing the activewear label.
The business relocated to Sydney in 2019 and currently have a team of more than 50 employees. It has an online business, as well as two retail stores in Sydney’s CBD and Liverpool.
The brand positions itself as a luxury, size-inclusive brand, with sizes ranging from XXS to 4XL. Its best-selling items are Nandex Original Leggings and a Zip Jacket. Its “naked” range of tights, bras and shorts, which feature a “scrunch bum” design, are also popular.
Before it became an activewear brand, Stax was a supplement business called Muscle Stax that was ultimately seized by liquidators when the Perth gym to which Robertson was selling collapsed. This led him to pivot to selling hoodies, which were so popular he rebranded Stax as an activewear label.
FTI Consulting was contacted for comment.
Typically, businesses enter receivership when the entity defaults on loans or breaches its contracts, triggering their secured creditor – often a bank – to appoint a receiver to take control of the business and recover debts.
When the couple spoke to this masthead in 2022, they were hoping to feature on international runways and open stores in fashion capitals around the world.
“We don’t have huge revenue aspirations,” Robertson said. “We want to have a really big global footprint. I’d rather have a boutique store in most fashion capitals, and have runway shows in [places like] Italy and Paris and influential people participate in our creation.”
More to come.
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Jessica Yun is a business reporter covering retail and food for The Sydney Morning Herald and The Age.Connect via X or email.
